This webinar highlights the importance of management’s role in instilling proper internal controls within their processes. In this session, the instructor will explore methods to educate management on their responsibilities for control processes and the variance between a control malfunction and control design issues. Participants will be provided with tools to help management better understand their role in internal control and effectively execute their obligations. The session will also review the impending COSO changes and examine how they may impact your organization.
The new COSO framework was released in May 2013. The original compliance date has been set as December 2014. Many companies are still working toward compliance. This will turn up the focus on how its guidance should be used by companies and auditors when evaluating processes for Sarbanes-Oxley and other control requirements. Key aspects have been added to mandate knowledge of business and regulatory changes, as well as an increased focus on information technology and its controls. It is imperative that management, compliance professionals, legal professionals, and audit professionals all understand the roles and responsibilities incumbent upon them when it relates to internal control. It is also imperative that managers learn and accept their critical role as it relates to the management and monitoring of internal controls.
The impending release of the new COSO Framework clearly outlines the importance of understanding all aspects of internal control and ensuring those elements are properly working together effectively. All individuals involved in oversight, management, monitoring, and auditing processes within an organization will need to heighten their awareness of basic controls and their linkage to corporate strategies and regulatory and business requirements.
Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. She has 20 years of experience working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.
Ms. Fountain has held two chief audit executive positions for international companies. Since 2008, she has served in positions where she was responsible for internal audit, enterprise risk management and Sarbanes-Oxley. Ms. Fountain has a private consulting and training business, and she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. She delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups.
Ms. Fountain is the author of two technical books that released in 2015: Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations; Leading the Internal Audit Function. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She is currently authoring a third technical book on corporate ethics and the internal auditor’s challenge.
She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).